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E-2.1-04, Expected Servicer/Attorney Interaction During Bankruptcy Proceedings (11/12/2014)

Key instances of Fannie Mae’s required timelines for servicer and attorney interaction related to bankruptcy proceedings are provided in the following table.

The law firm will... The servicer must...

notify the servicer of the receipt of the referral package (and indicate whether or not it is complete) within two business days

send any required missing documentation (or, if appropriate, have the foreclosure attorney send the documents) to the law firm within three business days after it receives the attorney’s acknowledgment and request.

request that the servicer provide the information needed to complete the proof of claim or other necessary action

provide this information to the law firm within three business days.

Note: The servicer must always provide any additional information, verifications, certifications, documentation, and signatures that the law firm requests no later than three business days after the law firm asks for them.

promptly send to the servicer all workout proposals, along with a recommendation either to accept the proposal or to pursue an alternative bankruptcy strategy (describing the details of the alternative strategy)

review the information and recommendation within five business days.

If the servicer concurs with any recommended workout proposal and Fannie Mae’s approval is required, it must submit the recommendation to Fannie Mae via Fannie Mae’s servicing solutions system within ten business days after it receives the law firm’s initial recommendation.

Within five business days after it receives Fannie Mae’s decision about the workout proposal, the servicer must advise the law firm of the decision.

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